We manage campaigns with marketing, communications and business development experts to prevent fraud and lower procurement costs.

Expand Your List of Bidders with Blue Ocean Strategy

Creating opportunities for potential bidders.

  1. Identify untapped supplier segments: Instead of targeting the same bidders your competitors are targeting, look for untapped long-tail contractors that could be interested in bidding on your procurement opportunities. This could include smaller businesses, minority-owned businesses, or businesses in underrepresented industries.
  2. Offer new value: Think about what value you can offer to potential bidders beyond the traditional procurement process. Your potential bidders could be interested in training and development opportunities, access to new markets or customers, or support for innovation and growth.
  3. Streamline the bidding process: Make the bidding process as easy and as accessible as possible. Broadcast clear bidding information, provide clear guidelines and expectations, and offer support and resources to help bidders prepare their bids.

Not sure where to start? Build a more diverse and innovative pool of suppliers and contractors by outsourcing the execution to us. We charge $129 to review your bid requirements and deliver an action plan. Click here to start.

Get set for success on your own:

<aside> 💰 Create a virtual auction in minutes, from start to ready to send! Click here to start.

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Attract a record number of competing bids to reduce procurement expenses.

silent auction bid sheets: fundraiser & silent auction bid sheets carbon ( tracker )

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All you need to know about virtual auctions

An auction is a process of buying and selling goods or services based on bids. An item is sold to the highest amongst bidders. Or in the reverse auction, an item is purchased price off.

How to Host a Virtual Auction

Virtual Fundraising in 2020 & Beyond: A Guide for Nonprofits

<aside> 😆 Be careful of the hypnotist’s mind control. He once sent a guy to the auction. Now he does his bidding!

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Types of Auctions

Online Auction Internet auctions have become an important part of electronic commerce, global online auction market was valued at US$ 4071.9 Mn in 2019 and was anticipated to grow at a CAGR of 9.2% over the forecast period (2020 – 2028) before Covid caused faster growth. For example, eBay Inc. with a $40B market cap grew up 50% in 2020. Auctions done on the internet have specific timelines (opening and closing dates), and sometimes with fixed bid increments. Popular online auction sites include:

Live Auction Also called the live on-site auction, this type of auction is a physical gathering point with gavels, signs, and agents on the phone. Some hotels and convention halls are famous for hosting auctions, such as the New York Stock Exchange,

What to expect

What to avoid

Fundraising tools for growing nonprofits - BetterWorld

Pro-tips from brokers and auctioneers

  1. Monitor the Bid Increments The auction house can set bid increments or sometimes bidders naturally compete in increments. Consider the number of parties involved in incremental changes to the bid.
  2. Keep an Eye on the Deadline. Online auctions such as timed-online auctions can last over a period of time from a few hours to a few days

Considerations before you bid

  1. Common-value model Consider that bidders may have different information about the actual value of the object. In this case, the value of other bids can be an important signal of authenticity and other factors of value. Smart bidders typically change their estimates of the value according to the information they get from the behavior of the people they bid against.
  2. Buyer power versus supplier power It's advised to not bid heavily at the start. Exercise patience because you don't want to be pricing yourself out. Consider the pace of bidding when there are multiple potential buyers and the supply is limited. Know your best alternative to a negotiated agreement.

  1. Private-value model Information from competing bidders cannot be taken into account for real-time valuation. Others' bids are of unknown source and amount.

  2. Understand Due Diligence

    Always read the fine print, don't hurry past searching names and terms on search engines and social media. When you feel you like the lot for auction, consider the time frame of the auction and use the time to understand how much it’s worth and determine a bidding strategy based on the expected competition. No auction house is the same. Understand the fees, terms, and conditions. Always have other options. Know your opportunity cost. Consider and explore financing options in advance.

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